So i went today to check out a new bike (07' 1000RR) and i put in my credit application. The guy said i got denyed through honda cause im too 'in debt' but i was wondering if anyone on here got approved with a similar situation.

I currently have 2 credit cards, 1 of them has a pretty high balance (900 out of 1000max) and the other is at a zero balance with a 2000 limit. I also have my Dell card with 1000 on it (max 1500), andmy bike that i currently own through Yamaha that has a balance of 5,000 with a max of 6,000 and then myCar which is a auto loan of 10k through nissan.

Now here is my question... If i were to get a new bike, then that 5,000 i owe on my bike would be gone cause it would be replaced with an obviously higher balance but not in *addition* to the 5k already there. The finance manager said he has some contacts at Honda that he is going to try to talk to first thing tomorrow morning to get me approved but he said its not certain. My FICO score is a 630 and ive never had a late payment in my life, i always pay over the minimum's by at least $100 on all my card's but im only 22.

Anyone get approved through honda with a situation similar to this one? Maybe where you got denyed at firstthen got a call back saying they pushed it through??

Im lookin for a false hopei think [&:]but im certainly keepin my fingers crossed

any input is appriciated it-

 

Credit is kind of funny that way, I have a few open business loans,school loans, ect. I always pay on time the full amount. Went to Yamaha a few years back, tried to get financing (8,000.00), denied. Next week went and bought a 35,000.00 truck. Sometimes I just scratch my head and think what the ****. On plus side winter is here so bikes are getting cheaper, cruz craigslist and pickup a nice used bike cash. Oh and on a side note the finance guy was a real ***** when I was denied, if he would been nice I would have come back with cash.

 

yea i was thinking about that, but im really short for cash off hand. i kinda lean towards financing cause its so easy for me to separate a chunk out of my paychecks to pay the due. Plus, i have a used bike now, and i really really wanted to get a brand new one so i know what the bikes been through. Getting a used bike is really sketchy to me cause everyone says their bike has never been beaten up, stunted, whatever. But in reality, you ride a sport bike, it gets ridden hard from time to time or else you wouldnt have one. know what i mean?

Oh well, im gonna hold off til tomorrow and keep my fingers crossed hoping he can swing something for the financing for me. From what he tells me, it wouldnt be the 1st time hes made it happen- he claims to have several contacts at honda that will push a loan through based on great payment history alone and not really pay attention to the amount of debt.

So we will see... its just nerve racking!! I was totally set on driving away TODAY![sm=headbang.gif]

I was getting a pretty sweet deal... A brand new 2007 1000RR with frame sliders cut into the fairings (professionally by the shop) and a Full Yosh CF exhaust 'forget the model of the exhaust' (installed by the shop also) for $9699 OTD...

 

Sounds like a nice bike. Keep in mind I buy used bikes because no other vehicleloses value as fast as a bike at least in my mind, maybe a Kia. I always ask the seller to take the plastics off or if I can do it. That alone should tell you if the bikes been down, check oil, coolant. Let him hold the cash, take it for a spin. I have sold a few bikes and never had a problem taking the plastics off for someone to check the frame and engine for leaks, takes like one minute to pull the sides off.

 

good point. ill definatly keep that in mind as an alternative if this goes sour.

I have a bike right now, i just wanted a different one its a 2003 YamahaYZF600R but i was aching to move up to a 1000.

We'll see what happens from what i hear, honda is pretty lenient on their financing, so maybe this guy really does have some contact that will be able to help

 

Since were kind of on the subject i thought id put my question in here. Im lookin into a new bike, im only 19 so i have no credit, How would i go about getting a new bike? I have a bit of cash id be able to put down on it but i dont know how i would be able to get one with no credit. I make enough cash to afford it for sure. Has anyone done it like me? I dont have enough to pay cash for it.

 

Well im no expert in the field, but the guy told me today that 99% of people who are just buying their 1st bike need someone to co-sign them. My fiancee is the one co-signing me. I suppose with enough cash down anyone could get financed, usually 10% is the minimum if you get financed through a bank rather then honda finance. So if you were trying to go through honda finance i would guess somewhere around the range of 35-45% down? A buddy of mine has HORRIBLE credit, i mean HORRIBLE. The only way he could get financed was to put down 35%, so he dropped $4,000 cash down an got approved with a wicked high interest rate.

I would think its probably the same with a 1st time buyer with no co-signer.

 

I went with the Honda card provided by GE Money Bank. Honda financing was
a joke. My monthy payment is $129 for two years. I plan on paying alot more than
that, plus you can transfer the amount to another card when the two year special rate is over.
Chances are you will be appoved for more so you can get some leathers two.

" I am something like a Pimp "

 

How old are you, an what does your credit look like though?

The main thing with my credit is they said its too 'tied' up in other things. But like i said i heard honda is easy to work with, so if this guy really has connections like he claimes he does (the financing manager) then im crossing my fingers that ill be riding away on a 1000RR tomorrow afternoon.

 

I would pay some of those things off. People get so far in debt cause its easy to get credit cards and loans at first. I honestly think you're too far in debt as it is. Is something were to happen to you or your job, you're fudged.